Jamb 2023 Financial Past Questions And Answers
Discount allowed is enjoyed by
- A. managers
- B. customers
- C. staff of the company
- D. suppliers
Which of the following is recorded in the folio column of the journal?
- A. particulars of transactions
- B. date of entries
- C. all credit and cash sales transactions
- D. amount of money posted
In manufacturing, depreciation of office machine is charged to
- A. trading account
- B. balance sheet
- C. appropriation account
- D. profit and loss account
Goodwill can be introduced when
View Discussion (0)JAMB 2023A part of public company's profit belonging to the shareholders is
- A. right issue
- B. bonus
- C. dividends
- D. public issue
| N | N | ||
Bal. b/f | 3,250 | Bal. b/f. | 215 |
Sales | 19,075 | Bank | 16,387.50 |
Dishonoured cheque | 625 | Discount | 862.50 |
Stopped cheque | 250 | Returns inwards | 325 |
Bal c/d | 230 | Set off | 900 |
| Bal c/d | 4740 | ||
| 23,430 | 23430 | ||
Bal b/d | 4740 | Bal b/d | 230 |
Dr. Sales Ledger Control Account . Cr
The amount N16,378.50 described as "Bank" represents
- A. receipts from trade debtors only
- B. cash sales for the month including discount
- C. receipts from all debtors of the business
- D. cash sales for the month excluding discount
Which of the following expenses is NOT apportined in proportion to turnover?
- A. rent
- B. commission
- C. discount allowed
- D. carriage outwards
The use of three column cash book is determined by
- A. trade discount
- B. cash transaction
- C. bank transaction
- D. cash discount
When expenses are paid on behalf of the venture, the accounting entries is to debit
- A. expenses account and credit bank account
- B. bank account and credit joint venture account
- C. joint venture account and credit bank account
- D. joint venture account and credit expenses account
Larry Limited has 4,000,000 ordinary shares of 50k each and 150,000 5% prefrence shares of N1 each fully paid.
N | |
Net profit for the year | 90,000 |
Interim dividends paid: | |
Ordinary shares | 25,000 |
Profit and loss appropriation b/f | 10,000 |
Goodwill written off | 1,000 |
The amount of preference shares dividends payable at the end of the year is
- A. N10,000
- B. N25,000
- C. N7,500
- D. N20,000